Bitwise Says Bitcoin's Digital-Gold and Settlement Roles Could Lift Its Value to $2.3 Million

Bitcoin has no central issuer and is not backed by sovereign credit, leading some investors to view it as an alternative hedge against government debt risk. Bitwise Europe cited a model proposed by investor Greg Foss in 2021 that treats Bitcoin as analogous to a credit default swap on G20 sovereign bonds, highlighting the importance of global borrowing and refinancing pressures to crypto-asset valuations.

In its June 2026 monthly report, Bitwise Europe estimated Bitcoin's theoretical fair value at about $224,000 based on the size of the G20 bond market and weighted default probabilities. It stressed that the figure was a scenario model, not a price target. The OECD estimates governments and companies will borrow $29 trillion in 2026, up 17% from 2024. Bitcoin traded at about $66,300 when the report was published.

WisdomTree’s digital asset research argues that Bitcoin is evolving from a highly volatile risk asset into a monetary asset capable of competing with gold. Both have scarce supplies, are politically neutral and can serve as stores of value, making their relative valuations increasingly relevant to macro asset allocation.

As of July 20, 2026, WisdomTree’s analysis indicated that Bitcoin was about 26% undervalued relative to gold, suggesting its status as a monetary asset was not yet fully reflected in its price. The report provided no specific transaction value or research publication date, focusing instead on the valuation gap between the two assets.